"This fund draws on the strength of our investment
management capabilities in Canada and the U.S., bringing together
the time-tested expertise of our U.S. equity teams in one
core investment," said John Montalbano, CEO of RBC Global
Asset Management. "Initially designed as an institutional
solution, the fund will also benefit individual investors
seeking U.S. exposure through a diversified, multi-strategy
U.S. equity fund."

The PH&N U.S. Multi-Style All-Cap Equity Fund is designed
to provide long-term capital growth and comprises five distinct
strategies:

The PH&N U.S. Multi-Style All-Cap Equity Fund is available
to institutional investors through Series O and to individual
investors through three low-cost fee options: Series D (available
for clients who invest directly through PH&N Investment
Services and discount brokerages, including RBC Direct Investing)
and Series C and F (available through financial advisors).

The management fee for the three series available to individual
investors is outlined in the table below.

PH&N U.S. Multi-Style All-Cap Equity
Fund - Management Fee

Series D

1.00%

Series C

1.75%

Series F

0.75%

Please read the prospectus before investing. There may be
commissions, trailing commissions, management fees and expenses
associated with mutual fund investments. Mutual funds are
not guaranteed, their values change frequently and past performance
may not be repeated.